olivLaw · US equity research
OMS Energy Technologies Inc. OMSE
Oil & Gas Field Machinery & Equipment · SIC 3533 · Vertical: Oil & Gas Field Machinery & Equipment (SIC 3533)
OMS Energy Technologies makes specialty connectors, pipes, surface wellheads and Christmas trees for oil and gas exploration and production operators in Asia Pacific and the MENA region. Listed on Nasdaq since May 2025, the company reported lower revenue in fiscal 2026 at 155.9 million USD, down from 203.6 million USD a year earlier, amid weaker demand from Saudi Arabia.
At the close of 04 Nov 2026, OMS Energy Technologies Inc. (OMSE) stock was 3.94 USD (−1.75% on the day), with market capitalisation 167.2 m USD, P/E 3.3 on diluted EPS of 1.18 USD over the last 12 months, beta 0.14, 52-week range 3.86–5.47 USD. Latest reported quarter (Q1 2024): revenue of 18.2 m USD, net income of 1.9 m USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.1
- weak (30–45)
- Bollinger (20, 2)
- 3.81 – 4.38
- in the lower half of the band · %B 0.22 · band width 13.9%
- SMA 50 / 200
- 4.34 / 4.44
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.1% | −1.1% | −10.0 pp | — |
| 3 months | −8.5% | −0.5% | −8.0 pp | — |
| 6 months | −14.7% | +4.4% | −19.1 pp | — |
| Year to date | −10.5% | +12.3% | −22.8 pp | — |
| 1 year | −33.0% | +13.5% | −46.5 pp | +16.2% |
| 3 years | unavailable | +76.4% | unavailable | +30.2% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2024 · 15 Jun 2023
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '24 |
|---|---|
| Revenue | 18.2 m |
| Cost of revenue | 13.2 m |
| Gross profit | 5.0 m |
| Operating income | 3.2 m |
| Interest expense | 200.0 k |
| Pre-tax income | 3.0 m |
| Income tax | 657.0 k |
| Net income | 1.9 m |
| Operating cash flow | -2.9 m |
| Capex | 1.2 m |
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2025 |
|---|---|---|
| Revenue | 97.5 m | 203.6 m |
| Revenue YoY | unavailable | unavailable |
| Net income | 11.6 m | 44.8 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | 5,291.07 | 1.18 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | 12.0% | 22.0% |
| Free cash flow | 28.0 m | 37.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 73.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 134.6 m USD
- Total assets
- 170.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.11x
- ROE
- unavailable
- ROA
- 26.3%
- FCF margin
- 18.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 97.5 m | 203.6 m | SEC (XBRL)· 25 Jul 2025verified |
| Cost of revenue | 69.4 m | 134.6 m | SEC (XBRL)· 25 Jul 2025verified |
| Gross profit | 28.0 m | 69.0 m | SEC (XBRL)· 25 Jul 2025verified |
| Operating income | 19.9 m | 59.9 m | SEC (XBRL)· 25 Jul 2025verified |
| Interest expense | 1.9 m | 284.0 k | SEC (XBRL)· 25 Jul 2025verified |
| Pre-tax income | 21.6 m | 60.2 m | SEC (XBRL)· 25 Jul 2025verified |
| Income tax | 9.2 m | 13.2 m | SEC (XBRL)· 25 Jul 2025verified |
| Net income | 11.6 m | 44.8 m | SEC (XBRL)· 25 Jul 2025verified |
| Diluted EPS | 5,291.07 | 1.18 | SEC (XBRL)· 25 Jul 2025verified |
| Weighted average diluted shares | 15.0 k | 37.8 m | SEC (XBRL)· 25 Jul 2025verified |
Balance sheet · USD
| Line | 2023 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 29.5 m | 73.0 m | SEC (XBRL)· 25 Jul 2025verified |
| Current assets | — | 124.9 m | SEC (XBRL)· 25 Jul 2025verified |
| Property, plant & equipment, net | — | 32.1 m | SEC (XBRL)· 25 Jul 2025verified |
| Total assets | 100.1 m | 170.5 m | SEC (XBRL)· 25 Jul 2025verified |
| Accounts payable | — | 15.1 m | SEC (XBRL)· 25 Jul 2025verified |
| Current liabilities | — | 24.5 m | SEC (XBRL)· 25 Jul 2025verified |
| Total liabilities | 66.0 m | 35.9 m | SEC (XBRL)· 25 Jul 2025verified |
| Equity | 34.1 m | 134.6 m | SEC (XBRL)· 25 Jul 2025verified |
| Shares outstanding at year end | — | 38.7 m | SEC (XBRL)· 25 Jul 2025verified |
Cash flow · USD
| Line | 2023 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 29.0 m | 40.5 m | SEC (XBRL)· 25 Jul 2025verified |
| Capex | 1.1 m | 2.9 m | SEC (XBRL)· 25 Jul 2025verified |
| Free cash flow | 28.0 m ≈ | 37.6 m ≈ | SEC (XBRL)· 25 Jul 2025derived |
| Investing cash flow | -2.7 m | -2.9 m | SEC (XBRL)· 25 Jul 2025verified |
| Financing cash flow | -13.3 m | -8.1 m | SEC (XBRL)· 25 Jul 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 167.2 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 21.62 – 50.96 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E21.62 – 50.96 (Mid 30.97)10 companies used · median multiple 26.2x · quartiles 18.3x – 43.2xBKR, FET, FLOC, FTI, INVX, LSE, NOV, STAK, WFRD, WHD
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 22.0% | 100 (vs peers) | 15% |
| FCF conversion · Quality | 84.0% | 77 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 210.8x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 5.1x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 3.3x | 100 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 22.5% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality89/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OMS Energy Technologies Inc. (OMSE). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: revenue 203.6 m USD in 2025; net margin 22.0%; ROE 43.5%.
The estimated value range is 21.62–50.96 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 30.97 USD, the price of 3.94 USD leaves a potential of 686.0% (value / price − 1) and a margin of safety of 87.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 22.0%
- FCF conversion: 84.0%
- Interest coverage: 210.8x
- Current ratio: 5.1x
- P/E (TTM): 3.3x
- FCF yield: 22.5%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Oil & Gas Field Machinery & Equipment (SIC 3533) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BKRBaker Hughes Company | 49.5 bn | 17.1 | 15.1% | 10.1% | −0.3% | −1% / +48% |
| FTITechnipFMC plc | 25.1 bn | 20.3 | 38.6% | 12.0% | +9.4% | +43% / +211% |
| NOVNov Inc. | 6.4 bn | 45.2 | 2.3% | 1.6% | −1.4% | +17% / −4% |
| WFRDWeatherford International plc | 6.2 bn | 15.3 | 23.0% | 8.6% | −10.8% | +15% / −5% |
| WHDCactus, Inc. | 4.3 bn | 23.6 | 14.7% | 12.0% | −4.5% | +35% / +37% |
| DNOWDnow Inc. | 2.8 bn | — | -12.4% | -4.9% | +18.8% | +10% / +54% |
| INVXInnovex International, Inc. | 1.8 bn | 37.1 | 4.5% | 4.8% | +48.0% | +16% / +15% |
| FETForum Energy Technologies, Inc. | 845.3 m | 28.8 | 9.8% | 3.5% | −3.1% | +135% / +238% |
| OISOil States International, Inc | 510.2 m | — | -16.8% | -16.5% | −3.4% | +35% / +24% |
| OMSEOMS Energy Technologies Inc. | 167.2 m | 3.3 | 43.5% | 22.0% | unavailable | −33% / unavailable |
| LSELeishen Energy Holding Co., Ltd. | 75.4 m | 55.4 | 2.9% | 2.6% | −30.0% | −14% / unavailable |
| DTIDrilling Tools International Corporation | 52.9 m | — | -2.5% | -2.0% | +3.4% | −38% / −56% |
| STAKSTAK Inc. | 27.5 m | 71.5 | 2.9% | 1.5% | +13.2% | +202% / unavailable |
| GPUSHyperscale Data, Inc. | 247.1 k | — | -159.8% | -71.0% | −4.3% | −89% / −100% |
| FLOCFlowco Holdings Inc. | — | 17.7 | 12.5% | 6.4% | +41.9% | +15% / unavailable |
| SEISolaris Energy Infrastructure, Inc. | — | — | 8.4% | 7.2% | +98.7% | +20% / +573% |
1- and 3-year price returns: for OMSE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
OMS Energy Technologies makes specialty connectors, pipes, surface wellheads and Christmas trees for oil and gas exploration and production operators in Asia Pacific and the MENA region. Listed on Nasdaq since May 2025, the company reported lower revenue in fiscal 2026 at 155.9 million USD, down from 203.6 million USD a year earlier, amid weaker demand from Saudi Arabia.
SWOT
Strengths
- The company has facilities in its customers' countries, API 6A, API Q1 and ISO certifications, and an integrated portfolio that makes it a single-source supplier in the region 1.
- Profitability remains solid, with gross profit and net profit showing the ability to generate earnings even after lower sales 1.
- Long-standing relationships with its largest customers and presence in several markets provide operational stability 1.
Weaknesses
- Heavy dependence on one Saudi customer makes revenue sensitive to changes in orders or procurement policies 1.
- Revenue declined in fiscal 2026 and call-off orders can be irregular, which makes results harder to forecast 1.
- The company has operated at a loss in the past and states explicitly that future profitability is not assured 1.
Opportunities
- If the number of rigs and wells keeps growing, demand for the company's products could recover 1.
- The API 6A certification obtained by the Saudi subsidiary could open new high-value contracts and expand market share 1.
- Expansion into Pakistan, Angola and the UAE could reduce reliance on the Saudi market 1.
Threats
- Geopolitical tensions in the Middle East and the closure of the Hormuz Strait could disrupt production, transport and supply chains 1.
- The oil industry is cyclical, and spending cuts by customers could quickly reduce demand 1.
- Environmental regulation and climate pressure could raise costs for both customers and the company 1.
Risks
- Customer concentrationhigh
One client accounts for a major share of revenue, so any reduction in orders could significantly affect results 1.
- Geopolitical tensionshigh
Regional conflict could interrupt deliveries, raise energy and raw material costs and affect delivery commitments 1.
- Industry cyclicalitymedium
Demand depends on capital spending by oil and gas operators, which can be reduced quickly in downturns 1.
- Premium threading licensesmedium
Threading services depend on licenses the company must obtain or renew, and failure to do so could restrict its business 1.
- Share price volatilitylow
The shares trade on the Nasdaq Capital Market and the price may be volatile; the company does not expect to pay dividends in the foreseeable future 1.
Investment thesis
What would need to be true (bull case)
- If the number of rigs and wells keeps growing, the company could recover sales and benefit from its expanded API 6A certification in Saudi Arabia 1.
- Diversification into new markets such as Pakistan, Angola and the UAE could reduce dependence on a single client 1.
- Plants located near customers and an integrated portfolio could strengthen the company's position as a single-source supplier in the region 1.
What would break the thesis
What to watch
- Trend in orders from Saudi ARAMCO and that client's share of revenuenext 10-K
- Revenue trend in newer markets such as Pakistan, Angola and the UAE2027
- Effect of Middle East tensions on production and the supply chainQ1 2027
- Status of licenses for premium threading servicesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
OMS Energy Technologies Inc. is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) used in onshore and offshore exploration and production. The company acts as a single-source supplier for customers in Asia Pacific and MENA, with facilities in the same countries as its end-users, including Saudi Arabia, where its largest client Saudi ARAMCO is located. Its products are designed and certified to API and ISO standards, and all sites hold ISO 9001 and API Q1 certifications 1. In fiscal 2026 revenue was 155.9 million USD and net profit 33.9 million USD 1.
Segments
Specialty connectors and pipes
This is the largest segment, split into JVLW and JVDD series, and it is produced mainly at facilities in Singapore, Indonesia and Saudi Arabia. Sales fell to 96.1 million USD in fiscal 2026 from 143.1 million USD, mainly due to exceptionally high call-off orders under long-term contracts in Saudi Arabia in the prior year, while exports to the UAE and Pakistan grew 1.
Surface wellheads and Christmas trees
This line, qualified to API 6A, is distributed mainly in Southeast Asia, with Indonesia accounting for 87% of its distribution in fiscal 2026 1. Revenue rose to 10.9 million USD from 8.7 million USD, and the company entered new markets in Pakistan and Angola 1.
Premium threading and ancillary services
Premium threading services, which rely on licenses from third parties, together with ancillary machining, repair and inspection services generated combined revenue of 48.9 million USD in fiscal 2026 1. Threading revenue declined on lower output in Malaysia and Singapore, while Indonesia and Thailand increased rig activity 1.
Market context
The industry is cyclical, and demand depends on customers' capital spending, which can be cut in downturns, as well as on global factors such as Middle East tensions. The company notes that the closure of the Hormuz Strait in March 2026 could materially affect its Southeast Asian customers, who rely heavily on oil from the Middle East 1.
Trends
- Growing rig and well counttailwind
The number of oil rigs and wells drilled has increased gradually since the post-pandemic period and is forecast to grow at a stable pace in coming years, which supports demand for the company's products 1.
- Middle East geopolitical tensionsmixed
The regional conflict has caused extreme energy price volatility and disruption to production and transport, which could reduce demand or raise costs if tensions persist 1.
- Customer concentrationheadwind
Saudi ARAMCO accounted for 57% of revenue in fiscal 2026, and the company is seeking to diversify its customer base across MENA and Asia Pacific, which could reduce concentration risk if successful 1.
- Emissions regulation and energy transitionheadwind
Regulation to reduce greenhouse gas emissions can raise costs for the oil and gas industry and may weigh on long-term demand for oil and gas, though it may also create demand for more efficient equipment 1.
Competitive position
The source does not name specific competitors, but states that the company operates in highly competitive markets where success depends on reputation for safety and quality 1. The company differentiates itself through facilities located near customers and its API 6A and ISO certifications 1.
Its advantage lies in offering a full portfolio, from connectors to Christmas trees, which makes it a single-source supplier for its customers. However, winning new clients and maintaining prices can be difficult in a competitive market 1.
- Regional OCTG and wellhead equipment suppliers
The source does not name specific competitors; the company only says it operates in highly competitive Asia Pacific and MENA markets 1.
- Offshore welded connector manufacturers
Competition may come from other producers offering similar welded connectors, though the source does not identify specific firms 1.
- Local premium threading providers
Premium threading depends on licenses and supplier reputation, and local competition could reduce the company's share 1.
- Southeast Asian drilling equipment suppliers
In the Indonesian wellhead market the company says it holds a substantial share, but local competitors could influence that position 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)25 Jun 2026
- Annual report (foreign issuer)25 Jun 2026
- Current report (foreign issuer)02 Feb 2026
- Current report (foreign issuer)21 Nov 2025
- Annual report (foreign issuer)25 Jul 2025
- Current report (foreign issuer)24 Jul 2025
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / OMS Energy Technologies Inc. · 25 Jun 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.